Sequoia Economic Infra Inc Fd Ld Net Asset Value(s) (8084B)
15 January 2018 - 6:00PM
UK Regulatory
TIDMSEQI
RNS Number : 8084B
Sequoia Economic Infra Inc Fd Ld
15 January 2018
15 January 2018
Sequoia Economic Infrastructure Income Fund Limited
Net Asset Value as at 29 December 2017 and Investment Update
Ordinary Share update
SEQI's NAV increased to 101.81p per share from 101.36p per share
on 30 November 2017 which arose primarily through:
-- Interest income net of expenses of 0.58p;
-- A decrease of 0.06p in asset valuations;
-- A decrease of 0.07p from FX movements.
The Company's invested portfolio represented 88.6% of the
Company's NAV, with an additional GBP70.6m either traded but not
settled or undrawn commitments. The total portfolio, including both
acquired assets and assets which the Company has committed to buy
but remain unsettled or undrawn, represented 97.8% of the Company's
NAV.
The total portfolio comprised a total of 55 investments
collectively valued at GBP750.4m (including accrued interest): 36
private debt investments and 19 infrastructure bonds across 8
sectors and 23 subsectors.
The total portfolio had an annualised yield-to-maturity (or
yield-to-worst in the case of callable bonds) of 8.0% and a
weighted average life of approximately 5.0 years. Private debt
investments represented 75% of the total portfolio and 55% of it
comprised floating rate assets. The weighted average purchase price
of the Company's investments was c.95.5% of par. Investments which
are pre-operational represented 17.4% of total assets.
As at 29 December 2017, approximately 95% of NAV consisted of
either Sterling assets or was hedged into Sterling. The Company has
adequate resources to cover the cash costs associated with its
hedging activities.
The Company's settled investment activities during December
include:
-- A GBP20m primary loan to Bulb Energy, a UK renewables energy supplier;
-- A $19.6m secondary loan to Project Argon, a loan backed by eight mid-life aircraft;
-- A EUR10m primary loan to Kraftwerk Obernburg, a German combined heat and power plant;
-- $10m of Adani Abbot 4.45% 2022 bonds, a coking coal export terminal in Australia;
-- An additional $850k disbursement to Sunrun, a US residential solar company.
Lastly, the EUR8.6m loan to Latecoere prepaid in line with the
Company's expectations.
Ordinary Portfolio Summary (15 largest settled investments)
Transaction Currency Type Ranking Value Sector Sub-sector Yield
name GBPm(1) to
maturity
/ worst
(%)
A'lienor
S.A.S. (A65) EUR Private Senior 39.6 Transport Road 6.1(2)
Hawaiki Mezzanine Undersea
Loan USD Private Mezz 38.7 TMT cable 11.6
Data
IO Data Centers USD Private Senior 37.0 TMT centers 9.0
Cory Environmental GBP Private HoldCo 31.3 Utility Waste-to-energy 8.5
Regard Group Health
Mezzanine GBP Private Mezz 29.4 Accomm. care 12.1
Data
Abteen Ventures USD Private Senior 25.9 TMT centers 8.0
Aquaventure USD Private Senior 25.9 Utility Water 7.7
Warnow Tunnel EUR Private Senior 20.8 Transport Road 6.8
Industrial
Natgasoline USD Private Mezz 20.4 Other infra 10.0
Electricity
Bulb Energy GBP Private Senior 20.0 Utility Supply 9.0
Exeltium
Mezzanine EUR Private Mezz 19.6 Power PPA 9.4
Welcome Break Motorway
No.1 Ltd GBP Private Mezz 18.3 Transport services 8.4
NGG Finance Elec.
5.625% 2073 GBP Public Mezz 17.0 Utility distribution 3.6
Terra-Gen
Power TL Solar
B USD Private Senior 16.8 Renewables & wind 8.3
Solar
Neoen Production EUR Private HoldCo 15.6 Renewables & wind 7.0
Note (1) - excluding accrued interest
Note (2) - Yield-to-date of expected refinancing.
Market Summary
A total of 23 project finance transactions closed in December
throughout the Company's eligible jurisdictions, worth $7.9bn in
aggregate. Notable transactions during the month include:
-- The $826m additional financing of the 250MW Silver Slate Solar Facility in Primm, Nevada;
-- The GBP835m refinancing of rolling stock for the Greater Anglia franchise;
-- The $189.1m bond issue for the redevelopment of a terminal at
Denver International Airport, and;
-- The EUR446.3m refinancing of Covanta's 58MW Waste-to-Energy
plant in Dublin, consisting of EUR396.3m of senior debt and EUR50m
of junior debt.
In December, estimates of US economic growth for Q3 2017 was
estimated at 3.2% by the Commerce Department. The US economy added
148k jobs, keeping the unemployment rate at 4.1%.
The Eurozone experienced its strongest quarterly growth in
almost seven years, with 0.8% growth. The UK economy remained
steady, with 0.5% growth. During December, the Euro strengthened
and the US Dollar weakened against Sterling ending the month at
EUR1.1250 and $1.3524 respectively.
The Company's monthly investor report and additional portfolio
disclosure will be made available at http://www.seqifund.com/.
LEI: 2138006OW12FQHJ6PX91
For further information please contact:
Sequoia Investment Management Company +44 (0)20 7079 0480
Steve Cook
Dolf Kohnhorst
Randall Sandstrom
Greg Taylor
Stifel Nicolaus Europe Limited +44 (0)20 7710 7600
Neil Winward
Mark Bloomfield
Gaudi Le Roux
Tulchan Communications (Financial PR) +44 (0)20 7353 4200
James Macey White
Martin Pengelley
Elizabeth Snow
Praxis Fund Services Limited (Company Secretary) +44 (0) 1481 755528
Shona Darling
About Sequoia Economic Infrastructure Income Fund Limited
The Company seeks to provide investors with regular, sustained,
long-term distributions and capital appreciation from a diversified
portfolio of senior and subordinated economic infrastructure debt
investments. The Company is advised by Sequoia Investment
Management Company Limited.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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